LNG

TotalEnergies and Eni have approved development of the Cronos gas field offshore Cyprus, a project that will route gas through Egypt’s LNG export infrastructure with first production expected in 2028.

ADNOC has taken a $6.2 billion final investment decision on the Umm Shaif Gas Cap project in Abu Dhabi with partners TotalEnergies, Eni and CNPC. The project will unlock more than 600 million standard cubic feet per day of gas and associated liquids by 2030, or nearly 10% of current UAE gas consumption. It also builds on ADNOC’s launch of a global LNG marketing and trading platform in Abu Dhabi Global Market (ADGM), which is targeting 47mtpa of combined marketable LNG capacity by 2035.

French oil major TotalEnergies expects all its division to post higher second quarter profits, except LNG, where earnings will fall sharply, with the company blaming “an underperformance in gas trading in a broadly flat to declining European [gas] market.” JP Morgan analysts noted TotalEnergies’ rivals in the UK fared better on LNG trading, indicating Total management might decide to increase its share buyback to $2 billion, from the earlier announced $1.5 billion.

QatarEnergy has pushed back the start of its LNG expansion project from mid- to late-2026. Any delay is, however, tightly constrained by long‑term offtake contracts that bind when LNG deliveries have to begin. 

Australian oil giant Santos is targeting a roughly US$27 billion capital spend for its integrated Papua LNG–PNG LNG expansion hub in Papua New Guinea, with up to three-fifths to be covered by debt finance.

TotalEnergies has requested a 10-year extension to its Mozambique LNG concession, citing a $4.5 billion rise in project costs. The French energy giant now estimates the project’s total cost at $24.5 billion, up from $20 billion, as it prepares to restart operations suspended in 2021 after militant attacks in Cabo Delgado province. CEO Patrick Pouyanné said the four-year delay under force majeure significantly affected cost and timelines.

Unfavourable market conditions for renewables and other low-carbon energy sources have prompted Shell, BP, TotalEnergies and Eni to bolster their core upstream operations. Reserve replacement should support future cash flows, Fitch Ratings reckons.

By 2028, the Middle East envisages to add 60 mtpa of new LNG export capacity and developments will require more than $50 billion in capital spending, Rystad Energy forecasts. Qatar will lead the expansion with 48 mtpa alone through its North Field East and North Field South projects, the UAE will contribute 10 mtpa from the Ruwais LNG project, and TotalEnergies is developing the Marsa LNG project with a capacity of 1 mtpa in Oman.

JERA global chair & CEO Yukio Kani has pointed out the fragility of Japan’s LNG import system at an industry event in Tokyo Bay, where inventory covers just 10 days. “Any disruption could be critical, diversification is not optional,” he said, adding JERA secured 5.5 million tons of US LNG to meet post-2030 demand.

French energy major TotalEnergies has acquired stakes in multiple blocks offshore Malaysia and Indonesia from Petronas, targeting oil prospects with a view to export LNG from Malaysia from 2030.